| Schedule of Fair Value Measurements of Financial Assets and Liabilities |
The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at June 30, 2026 and December 31, 2025:
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June 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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Cash equivalents and investments: |
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Money market funds |
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$ |
362,427 |
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$ |
— |
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$ |
— |
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$ |
362,427 |
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Corporate bonds |
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— |
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183,028 |
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— |
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183,028 |
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U.S. Government agency securities |
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— |
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29,469 |
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— |
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29,469 |
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U.S. Treasury securities |
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— |
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212,397 |
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— |
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212,397 |
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Strategic investments |
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— |
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— |
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15,087 |
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15,087 |
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Restricted cash: |
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Money market funds |
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— |
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2,703 |
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— |
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2,703 |
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Prepaid expenses and other current assets: |
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Foreign currency derivative assets |
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— |
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|
668 |
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— |
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|
668 |
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Total assets |
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$ |
362,427 |
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$ |
428,265 |
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$ |
15,087 |
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$ |
805,779 |
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Accrued expenses and other current liabilities: |
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Foreign currency derivative liabilities |
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$ |
— |
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$ |
746 |
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$ |
— |
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$ |
746 |
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Total liabilities |
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$ |
— |
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$ |
746 |
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$ |
— |
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$ |
746 |
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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Cash equivalents and investments: |
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Money market funds |
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$ |
191,494 |
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$ |
— |
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$ |
— |
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$ |
191,494 |
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Corporate bonds |
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— |
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253,765 |
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— |
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253,765 |
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U.S. Government agency securities |
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— |
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45,710 |
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— |
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45,710 |
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U.S. Treasury securities |
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— |
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658,739 |
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— |
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658,739 |
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Strategic investments |
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— |
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— |
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19,076 |
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19,076 |
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Restricted cash: |
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Money market funds |
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— |
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2,703 |
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— |
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|
2,703 |
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Prepaid expenses and other current assets: |
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Foreign currency derivative assets |
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— |
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|
240 |
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— |
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|
240 |
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Total assets |
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$ |
191,494 |
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$ |
961,157 |
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$ |
19,076 |
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$ |
1,171,727 |
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Accrued expenses and other current liabilities: |
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Foreign currency derivative liabilities |
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$ |
— |
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$ |
381 |
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$ |
— |
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$ |
381 |
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Total liabilities |
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$ |
— |
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$ |
381 |
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$ |
— |
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$ |
381 |
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